Eigenkapitalforum Company Presentation

Transcription

1 Eigenkapitalforum Company Presentation Frankfurt, November 22rd

2 Agenda I. Introduction II. Financials III. Renewable Energy Law 2012 IV. Forecast 2 2

3 EnviTec at a glance Company data Name EnviTec Biogas AG Headquarter Lohne (Lower Saxony) Year of foundation 2002 Employees 457 Sector Renewable energy / biogas 12.02% 16.67% 1.00% 21.86% As of: 12/10/2011 Shareholder structure 48.45% von Lehmden Beteiligungs GmbH TS Holding GmbH Ruhe Verw altungs GmbH Freefloat Ow n shares Share data ISIN DE000A0MVLS8 Ticker ETG Amount of shares 15,000,000 Market Cap EURm (10.35 /share) Listing date 12th of July 07 Exchange segment Prime Standard, Öko Dax 3 3

4 Agenda I. Introduction II. Financials III. Renewable Energy Law 2012 IV. Forecast 4 4

5 Results Q3 - Revenues and Gross results Revenues revenues Gross results EURm EURm Sales Q3 Sales Q1-Q3 Gross results Q3 Gross results Q1-Q3 > With EURm 77.3 strongest quarterly sales performance in EnviTec history > Revenues growth of 68.4% in Q3 and 71.3% for first 9 months > Strong gross margin of about 30% 5 5

6 Results Q3 EBIT and Net Profit EBIT Net Profit EURm EURm EBIT Q3 EBIT Q1-Q3 Net Profit Q3 Net Profit Q1-Q3 > Strong EBIT growth for the quarter and the 9-month period > EBIT margin with 7.7% for the quarter and 4.7% for the 9-month on track > High growth of net profit due to stronger plant construction results 6 6

7 Financial key data Assets Liquid funds > Cash or near cash positions Balance sheet as per 30/09/11 Balance sheet total EURm Equity and Liabilities Current Liabilities > Mainly trade payables and short term provisions and financial liabilities Other long-/short term assets > shares in at-equity valued companies, stocks, other short-term financial assets, deferred taxes Receivables > Mainly from long-term construction contracts and trade receivables Non-Current Liabilities > EURm 44.5 in long-term financial liabilities + deferred taxes Equity > Current equity ratio 62,3% Tangible Assets > Real estate properties and plants under own operation, Intangible assets 81.9 EURm 7 7

8 Order backlog geographical breakdown Total backlog 235.5m EUR Domestic 128.7m Domestic 127,7m EUR Abroad 106.8m Abroad 106,8m EUR 54.6% 45.4% > Italy 49.4m EUR > France 12.9m EUR > UK 8.4m EUR > Spain 5.3m EUR > Czech Republic 4.8m EUR > Slovakia 4.3m EUR > Latvia 2.7m EUR > USA 2.1m EUR > other 16.95m EUR 8 8

9 Order backlog breakdown of customer base Total backlog 235.5m EUR 178.2m 141.2m 23.2m 49.2m > Project developer 1: 6.8m EUR Farmers 75.6% Own Plants 9.9% Project developer 8.1% Industry 6.4% 15.0m 15.0m 19.1m 50.4m > Project developer 2: 4.4m EUR > Project developer 3: 3.9m EUR > Project developer 4: 3.4m EUR > Project developer n: 0.6m EUR 178.2m: 2011 figure 141.2m: 2010 figure 9 9

10 Own Plant operation scenarios for energy sales and capacity * Energy sales in m * Installed capacities in MW el on schedule * Estimated capacity and Energy sales in % of EnviTec share on an annualized base 0 Q Q Q Q Q Q Q Q Q Q Q Q Q Capacity conservative Capacity normal Capacity optimum Sales conservative Sales normal Sales optimum 10 10

11 Agenda I. Introduction II. Financials III. Renewable Energy Law 2012 IV. Forecast 11 11

12 Feed-in-tariffs renewable energy law 2012 Biogas plants (except bio waste) base tariff feed stock bonus I feed stock bonus II gas upgrading bonus [kwel] [ct/kwhel] , (manure) 700 Nm³ /h: 3 1,000 Nm³ /h: 2 1,400 Nm³ /h: 1 20, > 35 % heat usage obligation > Without heat concept no feed-in-tariff will be paid (subject to exceptions) > Limitation of maize input (60 % of the total input) > Biogas plants > 750 kwel have to market the generated electricity (start in January 2014) 12 12

13 Overview of the new renewable energy law 2012 Lower feed-in-tariff compared to prior renewable energy law Heat usage concepts will be more important More flexible input concepts (mix of renewables and waste materials) Gas upgrading plants get a higher bonus New opportunities based on market oriented incentives (market premium, flexibility bonus) Good marketing concept for the sale of electricity is necessary 13 13

14 Calculation of profitability Ct/kWh electric energy Scenario 1: 550kw + ORC plant 14,375 tonnes of feedstock 4.57m kwh p.a.(*) electricity-production Investment cost EURm 2.75 RoE (before tax) >20.0% Optimization of feedstock mix 0 Total ct/kwh Electricity Sales Material costs depreciation energy costs interest other costs (*): 550kW * 8,760h * 89.5% availability + 260,000 kwh ORC 14 14

15 Efficiency of the refinement of raw biogas Ct/kWh primary energy Scenario 2: gas upgrading plant 380Nm³ biomethane ,5 5.0 Costs Revenues 5.7 ct/kwh 7.3 ct/kwh Economic revenues and costs Avoided grid fee Electricity revenues EEG via BHKW at site > EBT of 1.6 ct/kwh biomethane (approx. keur 750) with a volume of produced gas of 36.3m kwh/a (gas) + 4.3m kwh/a (electr.) > RoE before tax of approx. >30.0% > Natural Hedge compared to fixed FiT for electricity. Source: own calculation 15 15

16 Integrated business model EnviTec Biogas AG Construction Own plant Operation Service Energy Contracting 16 16

17 Agenda I. Introduction II. Financials III. Renewable Energy Law 2012 IV. Forecast 17 17

18 Outlook Development of the order pipeline Outlook EURm /12/2006 thereof abroad /12/ /12/ /12/ /12/ /09/2011 > Strong Q expected > 2012 lower construction turnover compared to 2011 with a strong international share > Increasing positive impact from own plant operation in 2012 > Recovery of German market in second half of 2012 expected > Increasing order backlog outside Germany > Solid growth story with close monitoring of costs 18 18

19 Many thanks for your attention! 19 19